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In Case You Missed It
Below is a short review of various tax-related items Eide Bailly recently published. To read more, click the "Learn More" link after each summary.
Estate Planning: Thinking About Oil and Gas Properties
Why is estate planning still important? There is a $5.25 million estate and gift tax exclusion currently available, but with lower exclusion limits being floated as part of future tax reform discussions, owners of oil and gas properties should still be thinking about their estates. Proper estate planning produces many benefits that can exceed the costs by thousands or even millions of dollars. Learn More.
Employer Mandate Delay Offers Opportunity for Informed Decision About Health Care Reform
The Treasury Department recently announced that enforcement of the Affordable Care Act employer mandate will be delayed from its original deadline of Jan. 1, 2014, to Jan. 1, 2015. With the delay, employers have some time to understand how health care reform will affect key components of their business. Learn More.
One-time Sales Tax Refund for North Dakota Homeowners Affected by 2011 Flood
The North Dakota Legislature passed a one-time sales tax refund program (House Bill 1459) this year for individuals that incurred property damage because of the 2011 river flooding emergency and paid sales tax on the purchase of certain replacement items or repair materials and supplies. To qualify, the claimant must have been approved to receive disaster assistance from the Federal Emergency Management Agency (FEMA), the damage must have occurred to the primary residence of the claimant, and the claimant must have owned and occupied the residence at the time of flooding. Learn More.
Businesses Urged to Record Notification of Health Insurance Marketplace
The U.S. Department of Labor recently posted that there is no penalty for employers who did not provide their employees notice of the new federal health insurance Marketplace by the Oct. 1 deadline. The Labor Department, however, is still requiring employers to have notified their employees of the Marketplace by the deadline. The department has not released how they plan to track employer notification, therefore we are encouraging employers to keep a record of what, how and when notification was sent to employees. Learn More.
Final Repair Regulations Released
The Internal Revenue Service released the long-anticipated regulations on whether or when a taxpayer must capitalize expenditures related to tangible assets. These final regulations generally follow the temporary regulations the Internal Revenue Service issued in 2011. However, certain provisions of the temporary regulations had significant changes in the final version and will need to be reviewed in more depth by taxpayers. Learn More. |
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Eide Bailly's National Tax Office serves as a resource for clients to help analyze complex tax issues related to business decisions. Our professionals are committed to helping clients stay informed about tax news, developments and trends through various specialty areas, including cost segregation studies, wealth transfer, state and local taxation, international tax, tax exempt organizations and tax legislation. |
